The suspension of EcoCash bulk transactions and the restriction of Ecocash transactions by the Reserve Bank of Zimbabwe (RBZ) has resulted in reduced business for retailers, analysts have observed.
Last month RBZ Governor John Mangudya announced a raft of measures, including imposing a ZW$5 000 daily limit on mobile money merchant payments.
President of the Confederation of Zimbabwe Retailers Denford Mutashu said that most supermarkets were currently witnessing reduced business since the RBZ introduced the new measures.
A hardware shop owner in Bulawayo, Tafadzwa Makoni, told Technomag that putting a cap on mobile money transaction was an ill-thought move which has forced retailers to charge for goods in foreign currency. He said:
It doesn’t make sense for the authorities to put a ZW$5 000 limit on mobile transactions when the price of goods and services are going up on a weekly basis.
We are now being forced to charge for our goods in foreign currency, which is a bit unfair for most people who earn Zim dollars.
Chris Mugaga, the Zimbabwe National Chamber of Commerce (ZNCC) chief executive, said the Ecocash limits are affecting business.
Chairman of Zimbabwe Cotton Producers and Marketers Association, Stewart Mubonderi, said farmers are finding it difficult to access their money. He said:
The timing is bad especially for the thousands of cotton farmers who have worked so hard but can’t get their money.